As a seasoned researcher with a decade-long obsession with the cryptocurrency realm, I find myself constantly intrigued by the rollercoaster that is Bitcoin. The latest data points to a new record high hashrate of 627 EH/s, yet at the same time, miner revenue has plummeted to its lowest level this year.
The hashrate for Bitcoin just reached an all-time high of 627 Exahashes per second (EH/s), as reported by Julio Moreno, the chief researcher at CryptoQuant.
It has now recovered from an 8.5% plunge that took place following the most recent halving event.
Currently, the earnings from Bitcoin mining have plummeted to their lowest point this year, with miners managing to secure approximately $2.5 million on Sunday.
The widely anticipated halving event was thought to negatively impact miners’ wallets. Surprisingly, miner income skyrocketed to an astounding $107.7 million on August 20, just two days post the halving event. This unexpected boost can be attributed to a brief spike in popularity for the Rune protocol, leading to a temporary increase in mining fees.
Once interest in the Rune protocol waned, the income from Bitcoin mining significantly decreased.
In July, as the value of Bitcoin continued to decrease, many ASIC miners found their operations were no longer profitable, based on information from mining pool F2Pool.
The current value indicated by Bitcoin’s Hashrate Index is approximately $41. Notably, on August 5th, its value dropped as low as $36. This figure represents the potential earnings a miner could receive given a specific level of computational power. For reference, during the 2021 bull market cycle, the daily hash price for Bitcoin almost reached $400.
Notably, Bitcoin hashrate has managed to reach a new peak despite the lack of profitability.
The upcoming adjustment for Bitcoin mining difficulty is projected for August 14. This adjustment is estimated to decrease by about 4%.
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2024-08-12 21:34